Dark pool volume table for 2025

Fintel provides comprehensive data on off-exchange short volume, which includes transactions executed in dark pools. This data is updated daily and is available historically, including for 2025, for stocks like GameStop Corp. (US:GME).

Here's how you can access and understand this data:

Understanding Dark Pool Volume

Dark pools are private exchanges or forums for trading securities. They allow institutional investors to trade large blocks of shares without publicly displaying their orders, which helps prevent market impact. While pre-trade information (like bid/ask) is not publicly available for dark pool trades, once a trade is executed, it is reported to the tape and tracked like any other trade.1

Accessing GME Dark Pool Data on Fintel

Fintel aggregates "Off-Exchange Short Volume" data, primarily sourced from FINRA, which includes dark pool activity.2 To find this data for GME:

• Navigate to the GME stock page on Fintel.
• Look for the "Short Interest" section, where you will find metrics like "Off-Exchange Short Volume" and "Off-Exchange Short Volume Ratio".1
• This section typically includes a table providing daily historical data, allowing you to review the off-exchange short volume for 2025 and other periods. For example, historical data for GME from 2025 is available.1

This data provides insight into the proportion of short selling activity that occurs away from public exchanges. While dark pool trades are included in overall short interest figures, analyzing the off-exchange short volume ratio can help identify trends in how short positions are being established.1

Not just short volume but dark pool trades on bid and ask

Dark Pool Trade Granularity: Bid vs. Ask

The request for dark pool trades distinguishing between bid and ask is an important point for understanding order flow and execution quality. While Fintel provides comprehensive "Off-Exchange Short Volume" data, which includes dark pool activity, the nature of dark pools themselves presents a challenge for this level of detail.

Understanding Dark Pool Data Limitations

Dark pools are designed to allow institutional investors to trade large blocks of shares without publicly displaying their orders, thus minimizing market impact. A key characteristic of dark pools is that pre-trade information, such as bid and ask prices, is not publicly available.1 This means that while Fintel tracks and reports the volume of trades that occur in dark pools (as part of the "Off-Exchange Short Volume" data sourced from FINRA), the granular detail of whether a specific dark pool trade was executed at the bid, ask, or somewhere in between is not typically made public or available in the aggregated data feeds that Fintel utilizes. Once a trade is executed in a dark pool, it is reported to the tape and tracked like any other trade, but the pre-trade bid/ask context specific to that dark pool execution is not retained in public disclosures.1

Fintel's Available Data

Fintel's "Off-Exchange Short Volume" data for GameStop Corp. (US:GME) and other stocks provides the total volume of short sales executed off-exchange, which encompasses dark pool activity. This includes the number of short shares traded off-exchange and the ratio of off-exchange short volume to total off-exchange volume.2 This data is valuable for understanding the proportion of short selling occurring away from lit exchanges, but it does not disaggregate trades by their execution relative to the bid or ask.

Compare GME's off-exchange short volume ratio with its on-exchange short volume ratio to assess the venue preference for short selling.

Comparing GME's off-exchange short volume ratio with its on-exchange short volume activity is a valuable approach to understanding where short selling pressure is being applied and the motivations behind it.

Venue Preference for Short Selling

Fintel provides the "Off-Exchange Short Volume Ratio" for GameStop Corp. (US:GME), which indicates the percentage of total off-exchange volume that was short sales. This metric is crucial for gauging the extent to which short sellers are utilizing dark pools and other off-exchange venues. A higher off-exchange ratio suggests that a significant portion of short selling is occurring away from lit exchanges.

While Fintel does not explicitly provide an "on-exchange short volume ratio," the data necessary to infer this preference is available:

• Off-Exchange Short Volume: The absolute number of shares shorted off-exchange.
• Short Volume: The total daily short volume reported by FINRA, which includes both on-exchange and off-exchange short sales.

By comparing the "Off-Exchange Short Volume" to the "Short Volume," one can assess the proportion of total short selling that is executed away from public exchanges. The remaining portion would represent the short selling occurring on lit exchanges. A consistent preference for off-exchange venues for short selling can imply that institutions are seeking to minimize market impact or conceal their intentions, as dark pool trades do not display pre-trade bid/ask information.

Understanding this dynamic can offer insights into the transparency of price discovery and the potential for hidden accumulation or distribution by short sellers.

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